TLDR
- 21 financial institutions committed on Sept. 1 to form a stablecoin company in the second half of 2026.
- The group plans to launch a US dollar stablecoin in the first half of 2027.
- A euro stablecoin is named as the next priority after the dollar token.
- The venture intends to follow the GENIUS Act and MiCA rules once they apply.
- Key details, including the blockchain network and reserve custodian, have not been shared yet.
Twenty-one financial institutions have agreed to build a company that will support a new US dollar stablecoin. The commitment was announced on Sept. 1, 2026.
The group includes Bank of America, Citi, and Goldman Sachs. It also includes Wells Fargo, Fidelity Investments, and 16 other banks and asset managers.
The plan is to launch the dollar stablecoin in the first half of 2027. That timeline depends on closing conditions being met.
After the dollar token, the group wants to build a euro stablecoin. Other G7 currency tokens could follow later.
The stablecoin is meant for more than one type of user. Banks want it to support payments between institutions, settlement for digital assets, and everyday retail use.
A Global List of Banks
The firms involved span North America, Europe, East Asia, and the Middle East and Africa. Names include Capital One, PNC Financial Services, and TD Bank Group in North America.
European members include Deutsche Bank, UBS, and Lloyds Banking Group. MUFG Bank represents East Asia, while Standard Bank represents Africa.
The company itself does not have a name yet. The token name, blockchain choice, and reserve custodian have also not been decided.
The group says it wants to combine bank compliance systems with wide distribution networks. That claim cannot be tested until the product actually launches.
From a Small Study to a Bigger Plan
This effort grew out of an earlier step. In October 2025, 10 banks said they were studying a reserve-backed digital token.
That group has now grown to 21 members. The project has also moved from research into forming an actual company.
The stablecoin market already has major players. Tether and Circle currently lead that space.
JPMorgan has also discussed a stablecoin on its own. The bank has said it has no active launch plan right now.
Two sets of rules will shape how this token can operate. The first is the US GENIUS Act, signed into law in July 2025.
That law requires stablecoins to be backed one to one by liquid reserves. It also requires regular reporting and blocks issuers from paying interest on the token.
Some of the law’s rules are still being finished. The Office of the Comptroller of the Currency is aiming for final rules by November 2026.
A euro stablecoin would need to follow separate European rules known as MiCA. That regulation covers reserves, disclosures, and how a token can be redeemed.
The consortium has not said which entity would issue the euro token or where it would be licensed. That choice will decide which regulator oversees it.
For now, the project remains a plan rather than a finished product. The next update is expected to come as the company takes shape later in 2026.
